Dirty Trick #3: Self Serving Advice

When entering a market, the last thing you want to do is take advice from the people who are selling you the property. They are the ones who stand to gain and are like to dish out self serving advice. Check out this weeks video where I let you know how to avoid this dirty trick.

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Transcription

Hi, I'm Phil Anderson from LifeCorp, the home of street smart property investors. Property investing is obviously a major, major investment for anyone. So, how do you avoid being on the wrong end of self-serving advice?

I've been a property investor for more than 20 years, and I feel like I've seen all of the dirty tricks and many of the common buying mistakes that property investors unfortunately make time and time again. Today, we wanna talk about how do we avoid the common problem of looking for great advice when you're researching a local property market, only to find that you're on the receiving end of self-serving advice.

When I look at property markets around Australia- and this is probably a pretty terrible map of Australia, but bear with me. Inside of every property market, I will narrow down what particular areas I'm researching and targeting. I'll narrow down using 7 key indicators. Now, when I get inside each of those property markets, one of the first things I do is get on the ground. I've got a specific 25-point checklist that I use. But if you're targeting a particular property cycle- it might be your own market that you live in, and you're just looking for some advice- how do you make sure that it's not self-serving advice? And I wanna give you some examples of that today. It's one of the biggest dirty tricks you must learn to avoid.

If you go into a local property market, the last thing I would do is go in and target a market and go and talk to a real estate agent. That would be the last thing I do, and no disrespect to real estate agents. There's plenty of great real estate agents out there. But it's the last thing that I would do as a property investor. You see, most real estate agents are obviously gonna, you know, promote, consider, what properties they have listed. None of those properties may be ideal for you- may make pretty terrible investment properties actually- but the reality is, that is their way of looking after their clients and looking after themselves. Instead of approaching a real estate agent, I would encourage you to come into these markets and talk to property managers. Property managers, when you're targeting an area, will talk about where they attract the best tenants- property managers want to deal with great-quality tenants- whatever is attracting the best-quality tenants, what floorplans will work best, what areas to avoid, inclusions that you may need to have to make sure that you're property is incredibly rentable, and so forth. For me, when I go into a market, there's certain things I would definitely avoid, and certainly things that I would absolutely target, including property managers.

I'd also make sure that when you target a property, particularly if you're talking to a sales group or a developer directly, I'd make sure that you take the content in perhaps, but then use a valuation to set the price on that property. Never accept their property price. Always make sure you get a valuation to set the price on the property. Now, if those two worlds come together, perhaps you've got a deal. But there's a whole range of other things that we need to consider. You see, what I've noticed when I, you know, in 20+ years of buying property all over Australia, there are 7 distinct dirty tricks that you certainly must avoid.

I've put together an ebook that I'd love to give you free of charge. You can click on the link on this page. Download that ebook. You'll get some great, great content. This is just a small sample of it. So, please, download the ebook- get a real insight into those 7 dirty tricks, understand how you can not just be aware of them, but how you can avoid them, and how you can actually take advantage by knowing what goes on behind the scenes. Look, guys, at the end of the day, it's all about buying property, it's about staying safe, it's about avoiding the dirty tricks. But every time you add a property, please remember: when you're buying an investment property, if you can't buy it with your lunch money, don't buy it.

Comments

  1. Kymberly Schwanck says:

    very interesting information

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